Steel Dynamics (NASDAQ:STLD) PT Raised to $118.00 at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its price objective lifted by JPMorgan Chase & Co. from $100.00 to $118.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 14.64% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Citigroup lifted their target price on shares of Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, March 13th. UBS Group cut their target price on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a research report on Wednesday, January 24th. Finally, BMO Capital Markets lifted their price target on shares of Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, March 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $120.29.

Steel Dynamics Trading Down 1.9 %

NASDAQ:STLD traded down $2.73 on Tuesday, hitting $138.24. The stock had a trading volume of 133,147 shares, compared to its average volume of 1,164,705. The company has a fifty day moving average price of $135.07 and a two-hundred day moving average price of $120.70. The stock has a market cap of $21.84 billion, a price-to-earnings ratio of 9.50 and a beta of 1.42. Steel Dynamics has a 1-year low of $90.55 and a 1-year high of $151.34. The company has a quick ratio of 1.67, a current ratio of 2.91 and a debt-to-equity ratio of 0.30.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). The company had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. Steel Dynamics’s revenue was down 12.3% on a year-over-year basis. During the same period last year, the firm posted $4.37 earnings per share. Equities research analysts expect that Steel Dynamics will post 11.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Cetera Advisor Networks LLC grew its holdings in Steel Dynamics by 43.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 5,510 shares of the basic materials company’s stock valued at $460,000 after buying an additional 1,670 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of Steel Dynamics by 23.8% during the 1st quarter. Natixis Advisors L.P. now owns 21,577 shares of the basic materials company’s stock valued at $1,800,000 after acquiring an additional 4,154 shares during the period. Bank of Montreal Can lifted its position in shares of Steel Dynamics by 36.5% during the 1st quarter. Bank of Montreal Can now owns 59,369 shares of the basic materials company’s stock valued at $4,970,000 after acquiring an additional 15,865 shares during the period. Blair William & Co. IL lifted its position in shares of Steel Dynamics by 20.5% during the 1st quarter. Blair William & Co. IL now owns 5,852 shares of the basic materials company’s stock valued at $488,000 after acquiring an additional 996 shares during the period. Finally, Aviva PLC lifted its position in shares of Steel Dynamics by 4.5% during the 1st quarter. Aviva PLC now owns 64,576 shares of the basic materials company’s stock valued at $5,388,000 after acquiring an additional 2,772 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.